Welsh club Cardiff City lost nearly $18.5 million last season despite a large increase in revenue from being in the Premier League, according to Wales Online.
The club's revenue last season was more than five times larger than the previous season, from $22.4 million to $123 million, because of the Premier League's lucrative television broadcast contract. But the club laid out more than $69 million on transfer fees and had a payroll of more than $72 million during its one-year stint in the top division.
The club is more than $268 million in debt—a total almost $125 million more than the club’s total assets, Wales Online reports.
The club's owner, Malaysian businessman Vincent Tan, doubled the amount of loans to the club during its short tenure in England’s top tier. Tan has loaned $200 million to the club. Taking into account other loans the club has taken out it owes $268 million, but the value of its stadium and players helps offset the total deficit.
The accounts cover the fiscal year that ended in May 2014. Chairman Mehmet Dalman, who signed the documents in July, noted at the time that part of the club's financial strategy is to return to the Premier League. Cardiff is currently 13th in the Championship. The top two teams are promoted to the Premier League, along with the winner of the four-team playoff between the third- through sixth-place teams.
- Phil Watson